Amid India’s uncertain stance over cryptocurrency, the US-based crypto exchange CrossTower has launched its local unit in the country.
Presently, the local unit of the company has hired only 35 employees, but it has claimed that within six to nine months CrossTower India will increase headcount to 100.
As per the market analysts, the global crypto trading platform is following the footsteps of Binance, which entered the Indian crypto market in 2019.
Although the future of unregulated digital assets is unclear in India, still its adoption has gained momentum. According to Chainalysis, the Indian crypto market, which in April 2020 was at $923 million, reaching $6.6 billion in May 2021.
Recently, during an interview with Reuters, Kapil Rathi, the co-founder and CEO of CrossTower, stated, “India will play a pivotal role and we plan to use the country as a hub to expand into other geographies.”
CrossTower is a late entrant to India, therefore, to set up its base, the company is planning to increase its market share by offering competitive pricing and relying on advanced technology infrastructure, Rathi added.
Despite the lack of crypto regulation in India, there are several global exchanges that are planning to expand their business to the country.
This year in March, the Indian Government was set to table the crypto bill, which proposed a ban on digital assets, in the Parliament but didn’t do so.
The government further decided to present the bill during the Monsoon Session, but at that time also, it preferred to present 17 other bills over the crypto bill.
Recently, it has been reported that the government is now planning to introduce the central bank digital currency (CBDC) by December 2021.